Prefab Building – Shifting Towards the Future

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October 2019 Newsletter

Prefab Building – Shifting Towards the Future

Prefab, or modular building, is a large shift that is reforming the construction industry. It is expected to generate $175.15 Billion by 2025 .Modular building has been growing for years and gaining popularity with the rise and prevalence of green and sustainable buildings.

Benefits of Prefab Buildings

Prefab buildings have propelled the construction industry forward as they decrease project timelines and costs while offering a sustainable and green solution.A recent McKinsey & Co. Report on modular construction found that modular projects are accelerating project timelines by 20-50%. As the market for prefab construction continues to grow, the same McKinsey report suggests that there will be more than 20% in construction cost savings. These factors, coupled with sustainability initiatives and real estate concerns in some states, foretell a continued increase for the preference of prefab in the construction industry.

What Does This Mean for the Industry?

The prevalence and growing preference for prefab building means that the construction industry will have to change and adapt to this new shift. Modular and prefab manufacturers will need to rework their growth strategies to handle increasing demands. Construction firms will need to be equipped to answer client questions about modular building and be able to include them in pitches.

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Industry News

Board Signs off on Construction of Ballpark, Development

The construction of a minor league ball park, hotel, parking garage, office space and other development has been given the green light by a Massachusetts city planning board.

The Telegram & Gazette reports that the Worcester Planning Board voted Wednesday to give definitive site approval to the Polar Park project and associated private development.

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Study Says Construction Of MGM Springfield Boosted Massachusetts Economy

A new report says the construction of MGM Springfield added more than half a billion dollars to the economy of Massachusetts.

Researchers from the UMass Donahue Institute presented the study to the Massachusetts Gaming Commission.

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About OnPoint Search Group

On Point Search Group Inc. is a boutique executive search firm serving the Northeast Construction industry. We work with General Contractors, Sub Contractors, Developers and Institutions. Our core competency is engaging qualified candidates, recruiting them by focusing on a mutual need, facilitating the hiring process, and monitoring the transition process.

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